VANCOUVER, BC, Jan. 6, 2023 /CNW/ - NexOptic Technology Corp. ("NexOptic" or the "Company") (TSXV: NXO) (OTCQB: NXOPF) (FSE: E3O1) updates shareholders on its outlook for 2023.
Despite market conditions, and having made a number of internal changes, NexOptic navigated and successfully completed major tasks in 2022. We believe these initiatives set the stage for commercialization advancement in 2023 and well beyond. NexOptic also made several strong team additions in 2022.
"Significant AI performance upgrades were achieved throughout 2022 thanks to the brilliant minds and the tenacity of our engineers. Combined with the steadfastness and dedication of our results-driven Korean colleagues, a renewed sense of enthusiasm and purpose is enveloping us as a Company" said Paul McKenzie, NexOptic's Co-Founder and CEO.
During 2022 NexOptic upgraded its ALIIS™ AI technologies with more effective cost cutting capabilities for its intended customers plus a variety of other measurable quality performance improvements. A standout for future direction of NexOptic is our NexCompress™ AI offering (part of the ALIIS™ suite of AI technologies) which could potentially be in extremely strong demand in virtually any economic climate due to its potential to save money while reducing the carbon footprint of cloud operators, streaming companies and other global entities.
Results of a series of inhouse evaluations currently underway on NexCompress will be announced by the Company in forthcoming news releases. An important patent specific to NexCompress™ was converted from a provisional patent file to a full patent file for NexOptic in the 3rd quarter of last year.
"In 2022, we faced some operational challenges and yet managed to accomplish significant improvements to our core technology" said Kevin Gordon, NexOptic's VP of AI Technologies. He added, "We're now focusing on advancing NexCompress™, a very strong offering in the Aliis suite which can help address the ballooning bandwidth and associated carbon footprint of global video streaming applications."
By the latter half of the 2022, NexOptic entered accelerated discussions with a number of globally influential and cutting-edge companies within the semiconductor and cloud provider industries. While early stage, these discussions have the potential to lead to commercialization and/or other collaboration agreements. NexOptic Korea (a fully owned NexOptic subsidiary headquartered in Seoul, Korea) has been instrumental in initiating these dialogues for NexOptic, several of which have led to Memorandums of Understanding ("MOU's") being drafted and/or executed - further details of which will be made by NexOptic in forthcoming news releases. NexOptic also continues its dialogues with a series of select global companies which it initiated prior to 2022.
NexOptic also recently welcomed Joel Sutherland to assist in corporate development and commercialization initiatives as well as to be the Company's primary point of contact with NexOptic investors. Mr. Sutherland (CPA, CFA) brings to NexOptic two decades of Wall Street experience including tenure with Bank of America Merrill Lynch (or "BAML") as an Equity Securities Analyst, and later in Institutional Sales covering Boston and New York institutional asset managers. After BAML, Joel spent ten years in institutional sales with BMO Capital Markets and CIBC World Markets. He is a graduate of Queen's University, earning his CPA through PwC, and has the CFA designation.
In 2022 NexOptic welcomed Wayne Cho as its new CFO. Born and raised in Korea, and university educated in Canada, Mr. Cho has conducted in-person meetings with NexOptic Korea, offering assistance in streamlining sales agreement strategy and other initiatives, as well as reviewing internal controls in both Korea and Canada. Previously with Deloitte & Touche LLP for 8 years, Mr. Cho has guided clients both large and small across many industries and geographic regions in identifying risks, developing strategy, and overseeing cross-functional and multi-national teams in the execution of internal controls and annual financial statement audits. In addition to his Chartered Professional Accountant, Chartered Accountant ("CPA CA") designation, Mr. Cho holds Certified Internal Auditor (CIA) designation and is currently working towards his Chartered Business Valuator (CBV) designation.
The Company completed a private placement financing of $2.2 million dollars later in 2022 which included strong participation for its management team and board members. The Company wishes to thank all of its shareholders including those investors who supported it in its recent financing round.
NexOptic looks forward to continuing its epic journey with the goal of saving globally influential companies costs, improving their offerings significantly and contributing to the reduction of the global carbon footprint.
Engineered for today and beyond, ALIIS™ (All Light Intelligent Imaging Solutions) is set of machine-learning AI technologies that provide significant energy savings, data compression and enhancements to images and videos everywhere from the edge to the cloud. Aliis also enables faster shutter speeds, superior resolution and sharpness, reduced image-noise and motion-blur, and enhanced image colour and detail. Aliis does all this while reducing media file size, making it ideal for the storage and streaming applications. Additionally, Aliis provides a fundamental "AI for AI" layer that supercharges downstream AI performance. NexCompress,™ which falls under the Aliis umbrella, offers the potential to deliver significant cost savings while reducing the carbon footprint of cloud operators, streaming companies and other global entities. NexOptic's AI solutions are patented and patent-pending.
For more information visit www.nexoptic.com/aliis
NexOptic is an innovative imaging AI company headquartered in Vancouver, Canada with a fully owned subsidiary headquartered in Seoul, Korea, offering world-leading patented and patent-pending AI solutions for energy savings, data compression and image and video enhancement known as ALIIS™. Aliis is engineered for today and for the metaverse and simultaneously influences the imaging and AI industries. NexOptic is a member of the Qualcomm® Advantage Network, a Preferred Partner in the NVIDIA Partner Network, and a member of the Arm® AI Partner Program.
For more information visit www.nexoptic.com
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans," "expects," "estimates," "intends," "anticipates," "believes" or variations of such words, or statements that certain actions, events or results "may," "could," "would," "might," "will be taken," "occur," or "be achieved." Forward-looking statements in this news release include, without limitation, statements respecting the Company's expectations regarding its technologies, including the commercial capabilities and advantages thereof, the Company's development plans, the execution of MOUs and the Company's business plans. Forward-looking statements involve risks, uncertainties and other factors, including that the Company may fail to reach agreement with counterparties to potential MOUs, the Company's technologies are at an early stage and may not be successfully commercialized, the anticipated benefits of the Company's technologies may not materialize and those other factors disclosed under the heading "Risk Factors" in the Company's management's discussion and analysis for the year ended December 31, 2021 and elsewhere in NexOptic's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although NexOptic believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether because of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE NexOptic Technology Corp.
Investor Enquiries: Joel Sutherland, Tel: +1 (604) 669-7330 ext.2, Email: [email protected]
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